Reported attack targets South Pars gas field, a crucial energy lifeline for Iran

Here are key things to know about the South Pars field and the impact of the attack: Iran uses a lot of natural gas, and 80 per cent comes from South Pars Iran relies heavily on gas to produce electricity and heat homes. It is the fourth-largest consumer of natural gas in the world, behind the U.S., China and Russia, according to the Center on Global Energy Policy at Columbia University, even though its economy is much smaller. Oil and gas prices have risen on news of the attack Although South Pars mainly supplies Iran’s domestic needs, global oil prices rose and gas prices in Europe jumped 7 per cent on the news due to fears of Iranian retaliation on Gulf energy infrastructure.

Author: AP- PTI

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